ETH burned $1.62b net in 2025 with transaction fees down 99% from peak. blobs made L2 settlement so cheap the EIP-1559 burn mechanism stopped working. supply is now inflationary. the ultrasound money thesis is mathematically dead. ETF inflows are masking a broken value accrual model, not fixing it. vitalik proposing RISC-V to replace EVM is the tell. ...